Argentina's Anti-Corruption Office Published a Guide for the Implementation of Compliance Programs in Small and Medium Enterprises
On November 12, 2019, through Resolution 36/2019, the Anti-Corruption Office (OA) published the Supplementary Guide for the implementation of Compliance Programs in Small and Medium Enterprises ("PyMEs" for its Spanish translation).
The aforementioned resolution adds to the guidelines published by the OA in 2018 for the design, implementation and evaluation of Compliance Programs within the framework established by the Corporate Criminal Liability Law No. 27,401.
This Complementary Guide for the implementation of Compliance Programs aims to provide practical tools and instruments that can be applied by PyMEs, considering the specific characteristics of their activities. This is a joint work with the Secretariat of Entrepreneurs and PyMEs of the Production and Labor Ministry.
It is especially important since, from the effective date of Law 27,401, legal persons, including small and medium-sized companies, are responsible for certain crimes related to corruption in which they may have intervened, or that are committed in the name, interest or benefit of the company. That same law promotes that legal entities implement Compliance Programs, as a condition to participate in certain contracts with the National Government, or as a parameter of graduation of an eventual penalty. The existence of a Compliance Program is also an element that, under certain conditions, can lead to the exemption of the criminal sanction.
The OA received and incorporated contributions from compliance experts, stakeholders and the general public, through the public consultation platform of the Ministry of Modernization Government.
The Complementary Guide for PyMEs can be checked on the OA's website.
For further information, do not hesitate to contact Eugenia Pracchia and/or María Emilia Cargnel.
FIU - New LA / FT Prevention Guidelines for Credit Card Operators
On July 29, 2019 the Financial Information Unit (“FIU”) issued Resolution No. 76/2019 (the “Resolution”), establishing the guidelines for preventing money laundering and terrorist financing (“ML/TF”), which shall be applicable to all operators in the credit and purchasing card sector, as well as to travelers checks issuers.
The Resolution adopted guidelines similar to those previously established by FIU Resolution No. 30-E/2017, applicable to financial institutions. Consequently, credit and purchasing card operators, and travelers checks issuers, must develop a self-assessment risk system, in compliance with the risk factors and risk mitigation determined by the Resolution. They shall also comply with the “know your client’s profile policy” as well as be in possession of detailed records reflecting a deep knowledge and profile of their clients.
Additionally, the obliged subjects shall (i) maintain a procedures manual in order to prevent ML/TF, as well as with appointing a compliance officer; and (ii) provide the requiring clients all their information and documentation concerning their identification and the origin of the funds.
Regarding to its enforcement, the Resolution establishes a progressive implementation schedule, starting on December 31, 2019, so as to complete with all requirements on February 28, 2020.
Finally, within 10 days of publication of the Resolution, the obliged subjects must report the FIU with the appointment of a person responsible to address urgent matters.
For further information, please do not hesitate to contact Eugenia Pracchia or compliance@trsym.com.